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Questions, concerns about Marketplace? Read this.

January 18th, 2016

Many people have changes in their lives that leave them with no insurance and the need to turn to the Marketplace to purchase a new policy.

The Marketplace is where anyone would be able to purchase health insurance through the Affordable Care Act (ACA, or otherwise known as Obamacare). For anyone who doesn’t have insurance or would like to compare prices to what they are currently paying. The website is healthcare.gov (known as the marketplace) where anyone can see health insurance options offered in their area.

Here are 5 things you should know about the ACA and the Marketplace:

1. The Health Insurance Marketplace is for people who don’t have health coverage

If you don’t have health insurance through a job, Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), or another source that provides qualifying coverage, the Marketplace can help you get covered.

If you have job-based insurance: You can buy a plan through the Marketplace, but you’ll pay full price unless your employer’s insurance doesn’t meet certain standards. Most job-based plans do meet the standards.

If you have Medicare: You can’t switch to Marketplace insurance, supplement your coverage with a Marketplace plan, or buy a Marketplace dental plan. Learn about Medicare and the Marketplace.

2. What you pay for insurance depends on your income – and you’ll probably save

3. You can apply for coverage 4 ways

You can apply for health insurance any way that works for you:

- Online

- By phone

- With in-person help (Outreach and Enrollment Department at Sun Life)

- With a paper application

4. If you don’t have health insurance, you may have to pay a fee

Most people must have qualifying health coverage or pay a fee with their 2016 federal taxes.

If you don’t have coverage in 2016, you’ll pay a penalty of either 2.5% of your income, or $695 per adult ($347.50 per child) — whichever is higher. Learn about the fee.

In some cases, you might qualify for an exemption from the requirement to have health insurance.

5. Apply now. 2016 Open Enrollment ends soon.

You can apply right now. After Sunday, Jan. 31, 2016, you can’t buy a health insurance plan for the rest of 2016 unless you have a life change — like having a baby, getting married, moving to a new residence, or losing employment or other health coverage — that qualifies you for a Special Enrollment Period.

For more information on enrolling in the Marketplace or for application assistance, call Sun Life and make an appointment with any of our assistants in our Outreach & Enrollment Dept. at 520.381.0394.